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months starting with the automaker purchasing 200 million shares by the end of this month. phil lebeau has more. >> carl, you can almost hear the sighs of relief coming from the gm headquarters in detroit. they have been calling for this for some time. here's what's going to be happening. you mentioned that the government is going to be exiting general motors, not happening all immediately. it's going to take some time, 12 to 15 months. they're going to do a dribbleout is what they're saying. gm is purchasing 200 million shares from treasury at $27.50 a share, about $5.5 billion. and treasury will sell the remaining 300 million shares through various means. that disposition, as we mentioned, earlier we heard from the head of the t.a.r.p. program, they're going to be starting to eliminate the gm shares in january of next year. so starting next month. remember, treasury originally invested $49.5 billion in general motors back in 2008 and 2009. and if we take a look at shares of gm going back to the ipo, remember, the ipo price was $33 a share. for the government to have fully made back a
of buys. we'll tell you what's going on next. phil lebeau talks about virgin atlantic. and we'll talk aig. >> absolutely. >> one more look at futures. more "squawk on the street" in a minute. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. >>> the government's now planning to sell the remaining stake in the insurance giant. they'll be sold at $32.50 each, representing 16% of outstanding aig shares. the sale expected to total about $7.6 billion. treasury and federal reserve will e
by 50% in the second quarter of this year. our phil lebeau is live to tell us why this is happening. phil? >> reporter: it's all about uncertainty, carl. this is a troubling statistic. i want to show you a chart we received which monitors 20 million small business loans with 17 million businesses around the country. look at the falloff here in terms of the amount of investment made by small manufacturers. what you want to look at is towards the end in the third quarter. it fell off dramatically. well, according to pay net, small manufacturers cut their investments in plant, in equipment by 50% in the second quarter. one of the troubling sectors transportation equipment, the investment there for those manufacturers fell off by 33% and according to the folks at pay net this comes down to manufacturers pulling back because of uncertainty. >> there was certainly a lot of uncertainty about how to implement affordable health care. how to react to the tax rates that were coming down pike, whether or not the deficit problem was going to be addressed. >> reporter: bottom line, uncertainty ab
cars few in the industry have ever seen. phil lebeau is in chicago. i guess essentially, phil, the europeans are taking a leap out of the americans' book. they used to scoff that the american automakers would offer. now it's par for the course. >> especially in december. it used to be lexus, but mercedes-benz was looking for offers in november. this is an increase compared to october, up 42% for bmw, 26% for mercedes, lexus up 3%. what's going on here? let's start with bmw. their holiday deals now include up to five months of no payments. that's the kind of stuff you used to hear from chevy or from ford. by the way, bmw sales surged 45% last month. mercedes leads bmw year-to-date by just under 1,900 vehicles. it last led the u.s. luxury sales in '99. it really wants the title again. at the core of what's happening between these two german automakers, they need strong sufficient sales to offset the weakness they're seeing in europe. that's why their production has been ramped up here at their facilities in the u.s. bmw announced it's on pace to set global sales of more than 1.7
with constant job openings and no one to fill those positions. cnbc's phil lebeau joins us with more on that story. phil, good morning. >> good morning. we're just outside chicago, start of the first shift here. this is where they make components like this that will go to the aerospace and electronics industries. they have 10 to 12 openings here and this is a story that we're hearing throughout the manufacturing base in the united states. take a look at how many manufacturing openings have been created over the last three years. it's gone from essentially 90,000 up to 247,000. some of those openings they seem like they're permanently open. we went down to metal technologies an auto parts supplier just out of bloomington, indiana, they have five to seven jobs they're ready to fill but they can't fill. in fact, they've had situations where they've had applicants come in, they've hired them and then the people who have been hired have said, do you know what, no thanks, i'd rather stay unemployed. >> we've had people that we've interviewed, that we've agreed to hire, and at the end of th
. the other two parts of this party, beau the administration, the white house, the house, are not going to have a conversation like this. 're jump to either side of you. how do you get those two parties to come up with some sort of agreement that sounds exactly like what you two are talking about? >> i actually think that at the end of the day, we are very close to putting together the grand bargain. because if you think about it, kicking this can down the road doesn't work. why doesn't it work? because early next year we're going to have to have a debt limit extension. can you imagine what that will be like absent the grand bargain being reached now? we'll be right back to task. we will be right back to putting markets at risk. right back to partisan divide. we will be right back to gridlock. so, we can avoid all that. it's right before us. and it's not that hard. that's what i think has been missing. >> let me tell you, any deal we're at a position right now in the united states. we can talk china. europe's been left behind. the only thing that's keeping us back is any deal. just get
Search Results 0 to 5 of about 6